St. Lawrence Centre going up for auction next month

MASSENA  If youve ever wanted to purchase a shopping mall, this may be your opportunity.

Carlyle Development Group, a New York City-based firm that owns St. Lawrence Centre, is putting up the mall for sale in an online auction beginning Dec. 9 and running through Dec. 11.

St. Lawrence Centre General Manager David Viola said the mall going up for auction isnt a big deal.

Theyre developers. Thats what they do, he said. Developers are always feeling out the market and seeing whats out there.

St. Lawrence Centre Marketing Manager Ronald J. Patnode said its not unusual for owners of such properties to put them up for auction, noting that doesnt necessarily mean the mall will be sold.

Its not uncommon for developers to put their properties up for sale to gauge the market and get a better idea of the value of their property, he said. Thats really all it is. Its an exercise to see what opportunities are out there.

The property is listed for sale at Auction.com, with the opening bid being $1,250,000.

According to the propertys listing on the site, the mall, which was built in 1990, contains 548,612 square feet of rentable area and as of Sept. 1 had a 61.5 percent occupancy. That number temporarily is boosted by seasonal tenants and will rise again with the anticipated opening of Dicks Sporting Goods sometime next year.

Assessor Michael C. Ward said the mall itself is assessed at $4,843,750, with St. Lawrence Centre arena being assessed for $406,250. The auction also includes McDonalds, which is assessed for $522,500, and Taco Bell, which is assessed for $314,700.

Thomas E. Dobrowski, managing director of Rockwood Real Estate Advisors, New York City, said the reserve price for the auction is north of $4 million, which would be well below the propertys total assessed value of $6,089,200. Mr. Ward said that figure also includes an access road assessed for $2,000.

Weve gotten a lot of interest in this parcel, Mr. Dobrowski said. Weve got more than 50 groups that have executed the confidentiality agreement. Theres been a great initial response.

He said the property is being marketed around the U.S., which is normal when dealing with commercial properties of that value.

The buyers of these assets are pretty nationally based, rather than locally based, he said.

According to the listing, property tours are available by appointment.

On the Web site, the mall is described as a strategically positioned, single-level enclosed regional mall with a gross leasable area of 548,612 square feet.

The description with the listing also includes the following details and information.

The property is strategically located along Route 37 in Massena, New York, approximately six miles south of the U.S./Canadian border crossing at Cornwall, Ontario.

...Additionally, Route 37 offers local access to Interstate 81, approximately 74 miles to the east. Given the moderate density of the area and lack of nearby competition, St. Lawrence Centre services a trade area of approximately 2,600 miles encompassing a population base of 222,000 residents including Canada.

On the Net

www.stlawrencecentre.com

http://bit.ly/18dTuNG

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